Cabaletta Bio Reports $128.2M From Warrant Exercises

What Happened
Cabaletta Bio, Inc. (CABA) reported under Item 8.01 in an 8-K that warrants issued in connection with its June 2025 underwritten public offering were exercised for total gross proceeds of approximately $128.2 million. The company issued 53,090,190 common stock warrants with an exercise price of $2.50 and an expiration date of September 12, 2026; exercises occurred both before and up to that expiration date. The filing is dated September 14, 2026 and is signed by CEO Steven Nichtberger.

Key Details

• Issued in June 2025 offering: 53,090,190 common stock warrants, $2.50 exercise price, expiration September 12, 2026.
• Exercises through June 30, 2026: 5,275,100 warrants; gross proceeds ≈ $13.2 million.
• Exercises July 1, 2026 through expiration: 46,011,900 warrants; gross proceeds ≈ $115.0 million.
• Aggregate exercised warrants ≈ 51,287,000, aggregate gross proceeds ≈ $128.2 million.

Why It Matters
This transaction provided Cabaletta with a significant cash inflow, strengthening its liquidity by roughly $128.2 million in gross proceeds. For investors, the large number of exercised warrants means most of the potential future dilution from those warrants has been realized now through share issuance, while outstanding warrant overhang related to this issuance has been substantially reduced. Note the filing reports gross proceeds (before fees or expenses) and is an Item 8.01 “Other Events” disclosure.